I was doing some research for the free bankruptcy Q & A and came across some interesting items. One of my pet peeves, I guess you can call it that, is the stigma associated with bankruptcy that the credit companies try to convince people of. They try to convince people that if they file bankruptcy then their life is over. No credit. No future. But, thats just not true. For some, the best thing to do is get rid of the credit card debt. Well, I came across some articles about famous bankruptcies. Did you know that our 16th President, some would say the greatest President, Abraham Lincoln declared bankruptcy? Back in 1833 he had a store that failed and had to declare bankruptcy. Another President that declared bankruptcy was Thomas Jefferson. I believe it was stated that he died still owing $100,000 in debt. Back then that was quite a bit more than $100K today. And another William McKinley, the 25th President of the United States.
I guess my point is that these Presidents filed for bankruptcy but continued to strive to make a difference. Bankruptcy doesn’t make you a bad person. Don’t let the creditors dupe you into thinking good credit equals a good person.